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Crypto assets token mapping
6 March 2023 Private
Clarifying the legal regime for crypto assets can make Australia a more attractive destination for legitimate innovation, investment and use of crypto assets and related technology. highlight the case for applying clear and consistent regulation to crypto assets to protect retail investors, apply oversight of financial services including advice, and maintain the transparency and integrity of financial markets. Specifically, ABA supports clarifying expectations and regulatory obligations in relation to scams, in line with the Government’s policy focus on scams prevention and response. This should include capability for ‘notify and take down’ and taking part in funds recovery.
Download PDFTreasury Laws Amendment (Consumer Data Right) Bill 2022 – Senate Economics Legislation Committee Inquiry
6 March 2023 Private
The Australian Banking Association (ABA) welcomes the opportunity to provide feedback on the Senate Standing Committees on Economics, Treasury Laws Amendment (Consumer Data Right) Bill 2022. The ABA reverberates its views provided in its previous submission in October 2022, on the Exposure Draft legislation to enable action initiation. This includes legislation should ensure that banks can continue to use existing and future technologies to protect consumers from fraud, scams, and cyber-attacks. Further, to align the implementation of action initiation to the Treasury’s Strategic Plan particularly the proposed new payments licensing regime, which should also clearly define liability across participants.
Download PDFNature Repair Market Bill – Exposure Draft
3 March 2023
DCCEEW is consulting on Exposure Draft legislation for the Nature Repair Market Bill. Consistent with earlier ABA submissions, we make the point that more work is needed by Government on three points: more highlight the specific goals a nature repair market would be aiming to achieve and clearly identify the incentives for private sector participation, identify and resolve outstanding issues regarding transaction costs and market liquidity, and consider and/or address any implications from the Chubb Review.
Download PDFInterest Rate Risk in the Banking Book
3 March 2023
APRA is consulting on measures to produce a more stable Interest Rate Risk in the Banking Book (IRRBB) capital charge, among other matters. The ABA acknowledges the objective to reduce volatility. We view that proposals to address this should be symmetric throughout the economic cycle and remain representative of exposures across the system. The ABA has provided some suggestions on how this could be balanced with their impact on incentives and banks ability to manage risk.
Download PDFReview of Australia’s Autonomous Sanctions Framework – Issues Paper
3 March 2023 Private
The Australian Banking Association (ABA) welcomes the opportunity to provide feedback to the Australian Sanctions Office (ASO) in its Review of the Australian Sanctions Framework. The current framework draws complexity on Members navigating across multiple legislative, regulatory, and other subordinate instruments, while complying with global sanctions laws. Members have provided several proposed improvements to the Australian Sanctions Framework including a singular regulation being adopted for each regime. Equally, Members agreed on the benefit of the ASO expediting permits to avert immediate relief being delayed. As well as proposed reforms to the ASO’s humanitarian exemptions in line with the U.S Sanctions Program.
Download PDFStatutory Review of the Payments Times Reporting Act 2020
3 March 2023
The ABA supports the policy objective that large businesses pay small businesses on time. Banks have taken a range of steps to support small business customers throughout the COVID-19 pandemic and following recent major natural disasters. As a relatively new reporting regime, the ABA considers there is room to improve the scheme to ensure greater efficiency while maintaining or improving its effectiveness.
Download PDFASIC Investigation and Enforcement
28 February 2023
ABA notes that one of the considerations for ASIC ought to be the deployment of the best combination of enforcement tools that would bring about early resolution of matters in a way that would promote customer confidence. Unresolved issues which extend for many months are unhelpful to customer confidence. Additionally, extended resolution times can cause uncertainty within the industry as it awaits an outcome. We suggest EUs and Infringement Notices are particularly useful because they not only punish poor practices, but they also deliver speedier improvements to business practice and customer outcomes.
Download PDFHybrid mismatch rules: interpretation and reporting
28 February 2023 Private
The ABA is responding to a request from the ATO regarding feedback on the ongoing uncertainty in the implementation of Hybrid Mismatch Rules. These rules are incredibly complex and impact banks uniquely based on their structure and their relation to off-shore related entities. It is this complexity that ultimately drives the uncertainty. Therefore, the ABA’s response, while containing general feedback on the ATO’s approach to Hybrid Mismatch Rules, directs the ATO to deal with members directly for any specific problems.
Download PDFDigital platform regulatory reform
24 February 2023 Private
ABA’s submission focuses on issues that are of interest to the banking industry and our customers. In particular, ABA supports the ACCC’s recommendations for digital platforms to be subject to targeted measures including about scams.
Download PDFNatural disaster response and recovery inquiry
20 February 2023 Private
The Australian Banking Association (ABA) welcomes the opportunity to provide feedback on the Senate Select Committee on Australia’s Disaster Resilience (Senate) inquiry into Australia’s preparedness, response and recovery workforce models, as well as alternative models to disaster recovery (Inquiry). The Government should invest in the development of tools that will promote greater transparency of natural disaster risks, while continuing to prioritise initiatives that will support decarbonisation, emissions reduction, and stability of global temperatures. We recognise that all levels of Government have a role to play in supporting disaster preparedness and encourage Governments to work together to maximise impact and ensure a consistent approach to resilience and climate change across Australia. The ABA also considers that planning, building and disaster response frameworks should be updated to enhance household, infrastructure and community resilience.
Download PDFClimate-related Financial Disclosures
17 February 2023
The Treasury is consulting on mandating climate-related financial disclosures from FY2024-25. The ABA supports the introduction of mandatory disclosures. This will provide banks and business the certainty they need to manage their climate risks. The ABA highlighted three specific points, namely opportunities for private-public collaboration on data gaps, the need for safe harbour provisions or alternative legal measures and appropriate phasing to allow capacity to develop.
Download PDFNational Reconstruction Fund Corporation Bill 2022
8 February 2023 Private
The Australian Banking Association (ABA) broadly supports the intention of the National Reconstruction Fund Corporation Bill 2022 and the National Reconstruction Fund (Fund), which is expected to support and diversify Australia’s emerging industry sectors but has some concerns in relation to the Fund’s design and implementation, including the proposed priority areas, scope of the investment mandate and how these matters may impact on the crowding out of the private sector market that is otherwise willing and able to invest in these areas.
Download PDFPayments strategic plan
6 February 2023 Private
ABA proposes the strategic plan in its first iteration prioritises: 1) implementing a payments licence and revising the Payment Systems (Regulation) Act 1998; 2) responding to scams: taking a cross-sectoral approach to disrupting scams, protecting consumers and providing educations and awareness; 3) digital identity adoption; and 4) migrating from legacy to modern payments infrastructure.
Download PDFCDR non bank lending rules design paper
6 February 2023 Private
ABA supports the extension of CDR to the non-bank lending sector including ‘buy now pay later’ entities. Given the cross-over and complementary nature of bank and non-bank lending, there is a strong case to maintain consistency between the two sectors on scope of products, eligible customers, and relevant design issues such as internal dispute resolution (IDR) and external dispute resolution (EDR).
Download PDFNational Energy Performance Strategy
3 February 2023
The Australian Banking Association (ABA) supports the intent of the National Energy Performance Strategy. The ABA considers that enhancements to building codes and regulations, coupled with decarbonising the grid, can be an effective way to support improvements to energy performance. We also advocate for the provision of rebates, tax incentives and subsidies to support the adoption of energy efficiency technologies, particularly in relation to individuals from low-income households who may not have the capacity to fund energy efficiency upgrades.
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